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County Administrator's Report 11. 6.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	01/22/2015
Issue: Voluntary Cleanup Tax Credit Application
From:	Keith Wilkins
Department:	Community & Environment
CAO Approval:

RECOMMENDATION:

Recommendation Concerning the Voluntary Cleanup Tax Credit Application - Keith T. Wilkins, Community & Environment Department Director

That the Board take the following action concerning the Escambia County Board of County Commissioners Application for Voluntary Cleanup Tax Credit (VCTC), through the Florida Department of Environmental Protection (FDEP), for the environmental remediation of hazardous contamination at the former Escambia County Mosquito Control Facility located at 603 West Romana Street:

A. Approve the Application to the FDEP for the VCTC in the amount of $37,561.62, for the former Escambia County Mosquito Control Facility located at 603 West Romana Street; and

B. Authorize the Chairman to sign the Application and all other related documents.

[Funding Source: In the event of monetary gain, funds will be deposited in Fund 129, CDBG HUD Entitlement, Brownfields]

BACKGROUND:

Environmental Site Cleanup and remediation at the former Escambia County Mosquito Control facility is ongoing and has totaled $75,123.25 for the 2014 year. The County is eligible to apply for tax credits through the FDEP VCTC Program. This program allows entities and/or individuals to recover certain expenses incurred in the voluntary execution of site assessment /remediationfor hazardous materials in the form of tax credits issued by the Florida Department of Revenue through the FDEP. Escambia County is eligible to recieve $37,561.62 in tax credits for 2014.

The VCTC is a State Economic Development Tax Incentive designed to be used against the Florida Corporate income tax liabilities. The State allows the tax credits to be transferred to another entity one time during the life of the instrument, i.e. through either the sale of the individual VCTC instrument or by assigning the credits to another entity.

BUDGETARY IMPACT:

In the event of a monetary gain for the County, funds from the sale of the tax credits will be deposited in Fund 129, CDBG HUD Entitlement, Brownfields.

LEGAL CONSIDERATIONS/SIGN-OFF:

No legal consideration is required for this recommendation.

PERSONNEL:

Community & Environment Division/Community Redevelopment Agency (CED/CRA) staff will coordinate all tasks.

POLICY/REQUIREMENT FOR BOARD ACTION:

Board approval is required for submittal of all applications.

IMPLEMENTATION/COORDINATION:

CED/CRA staff, in coordination with the FDEP, shall execute and deliver all documents and perform further actions necessary to complete the application.

Attachments
VCTC App_603 Romana_Jan2015